Home selling prices in the Quad Cities remained stable in November with an overall median sales price of $465,000, the same as this time last year, according to the housing market report released by the Prescott Area Association of REALTORS® (PAAR).
Chino Valley saw the smallest change with only a 1.9% increase in the median sales price since 2022, while Dewey-Humboldt and Prescott Valley experienced rises of 6.6% and 6.5%, respectively. The Quad Cities reported a total of 195 sales in November.
Inventory continues to increase in the region as new listings are put on the market.
Chino Valley experienced the most extensive growth with a 68.4% increase in new listings this November compared to last. Prescott and Prescott Valley have also seen an influx of new listings, with Prescott experiencing a 19.5% increase and Prescott Valley a 3.6% increase.
The amount of inventory that remains active has grown in each of the Quad Cities, with 936 active listings in November compared to 819 at this time last year.
Both Prescott and Prescott Valley experienced a decrease in the median days on market, while Chino Valley and Dewey-Humboldt showed slight increases at 1.6% and 5.8%, respectively.
Prescott’s median days on market dropped from 42 days in November of 2022 to 29 days this November. This figure changed similarly in Prescott Valley, with the days on market decreasing from 43 to 30 from November last year to this year.
As the overall median days of market for the Quad Cities decreased, months of inventory increased 50% year-over-year. Inventory sits at 4.8 months. There were increases in each of the Quad Cities aside from Dewey-Humboldt.
“The market still favors sellers, however there are still opportunities for buyers in the Quad Cities as the number of new listings has increased and overall housing availability improves,” said Faye Humphrey, PAAR’s 2023 president.
“We anticipate the market will remain competitive, but enthusiasm over newly available homes paired with the guidance of an experienced REALTOR® can keep buyers in the game.”
There were 936 homes listed for sale in the Quad Cities at the end of November, a 14.3% increase from the November 2022 total of 819.
Editor’s Note: All data is compiled from the Multiple Listing Service of the Prescott Area Association of REALTORS®and includes single-family, manufactured, mobile, modular, condos, and townhouse residential activity in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt.